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Global macroeconomic imbalances are among the key issues facing policymakers, especially in the US and China which are the two major affected / contributing parties. While there has been a great deal of discussion and disagreement on this important issue, what all sides have in common is the general failure to adequately pay attention to the role of the exchange rate in allocating resources internally between tradables and nontradables. These sectoral changes can have both real and macroeconomic consequences.

Asia and the Pacific, despite visible signs of prosperity due to years of rapid economic growth, has made insufficient progress in freeing its population from hunger and malnutrition, the most basic marker of true development. Given the importance of reducing poverty and hunger as core development priorities, the international community has placed these as the first Millennium Development Goal

Cross-border movements of people within East and South-East Asia have risen with rapidity, much of them driven by the prospect for gainful employment. Although there has been a growing number of articles and publications on international migration in countries in East and South-East Asia, these often focus on selected issues of migration. The present report provides a comprehensive overview of migration in East and South-East Asia and country reports that provide a concise analysis of the key national issues and how they are linked to other countries in the region.

The Asia-Pacific Development Journal (APDJ) is published twice a year by the Macroeconomic Policy and Development Division of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

The primary objective of the APDJ is to provide a platform for the exchange of knowledge, experience, ideas, information and data on all aspects of economic and social development issues and concerns facing the region and to stimulate policy debate and assist in the formulation of policy.

Financial development enhances domestic resource mobilisation and also allows these resources to the most productive uses. While there is little doubt that financial development leads to higher economic growth which may then lead to poverty reduction, financial development in itself will allow developing countries to achieve the Millennium Development Goals (MDGs). We will argue in the paper that a more relevant dimension of financial development that is important for the achievement of the MDGs is inclusiveness of the financial system.

This report consists of four sections: 1) An overview of issues and challenges in managing urban flood risks which reviews socio-economic impacts of flooding. Impacts of urban development on flood risks are described in the context of adapting to climate change; 2) A synthesis of recent developments in innovative strategies for effective urban flood management; 3) Case studies of innovative strategies for effective urban flood management; 4) Policy options derived from collaborative work on urban flood management and the regional expert consultation.

The first section of the paper narrates origin and evolution of Group of Twenty (G-20). The second section reviews its contribution while the third provides assessment and prospects for G-20. The fourth section mentions possible approaches to reforms of the international financial architecture. The concluding part elaborates on the new realities that G-20 should take note of and makes a brief reference to the importance of India in the process.

The Asia-Pacific region has made considerable progress towards the Millennium Development Goals (MDGs). The rapid economic growth achieved in many countries of the region has helped lift millions of people out of poverty. Governments have made substantial investments in education and health services and in protecting their most vulnerable people. Nevertheless, the region is still off track on many crucial MDG indicators, including child and maternal mortality. In many countries, economic achievements have also had environmental costs.

During the Fifth Asia-Pacific Urban Forum, the first-ever State of Asian Cities report was launched. This report is a result of the collaborative effort of UN-HABITAT and ESCAP and their partners UN Environment Programme (UNEP), and the United Cities and Local Governments – Asia-Pacific Regional Section (UCLG-ASPAC).

The Asia-Pacific region has made striking progress towards achieving the Millennium Development Goals. Nevertheless, on present trends many countries are likely to miss a number of the targets. This report focuses on opportunities for making more rapid progress – identifying some of the most promising paths to 2015.